Your SEC proposal will cause a lot of startups to fumble. If this SEC proposal had been enacted years ago think about how many great products would not be available.

We live in countries where a singular person should be able to fundraise without having to wade through a pile of legal BS. Instead their time spent fundraising can be applied more valuably to actually working on their project. What an idea

As a person in indie game development I have seen many AAA titles come from SEC-propasal-free fundraising. Many of them would not be around today if the developers had to file paperwork every time they wanted to tell you something more about the project.

If someone is reading this and agrees with what I am saying, I urge you to contact someone you have heard about with a successful fundraising project and ask them to weigh in about their opinion on the matter. Most about if they think their project would have come out better or worse with the heavy hand of the government weighing them down.